OKX Middle East Fintech FZE, the Dubai-based subsidiary of the prominent cryptocurrency exchange and Web3 technology company OKX, proudly announces its reception of a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA) for VA Exchange Services.
This non-operational license is contingent upon OKX Middle East fulfilling specific conditions and meeting localization requirements outlined by VARA. The company must satisfy these conditions before it can commence operations, subject to regulatory re-verification and approval.
Upon activation, the VASP license will empower OKX Middle East to expand its suite of regulated virtual assets activities, offering spot services and spot-pairs to institutional and qualified retail customers through the OKX App and OKX.com exchange.
OKX is committed to upholding robust investor and market safeguard principles. Trading on a regulated platform supervised by VARA in Dubai will provide users with heightened levels of consumer protection.
Rifad Mahasneh, OKX General Manager for the MENA Region, expresses anticipation for the role of regulated entities in shaping the future of digital assets and capital markets. He emphasizes Dubai and VARA's success in creating an environment conducive to the growth of Virtual Asset Service Providers, aiming to position the MENA region as a hub of excellence for Web3 and virtual assets.